Land Fund

Susan Hall: What is the total funding pot for this scheme, following the original £250m announced in September 2017? How much of this fund has been spent to date? How much money remains in the fund? Has any of this funding been reallocated to other projects, and if so how much? How many homes have been provided and on which schemes?

The Mayor: The total funding pot for the Land Fund is £736m, of which £486m was provided from the Ministry for Homes Communities and Local Government (MHCLG) and £250m has been allocated by the Mayor. To date, £151.9m has been paid out by GLA to counterparties. £342.6m remains in the fund.
No funding has been reallocated to other projects.
The £393.4m committed funding will deliver 13,111 homes (48% affordable). Of these, to date, a total of 794 homes under the fund have started on site. Of which, 75 homes relate to the Marshgate scheme (Newham, E15), 307 homes relate to Gillender scheme (Bromley-By-Bow, E3) and 412 homes relate to Whitechapel scheme (E1).
Part of the £393.4m was utilised by the GLA to purchase the St Ann’s NHS site in Haringey. This site is now being taken through the GLA’s London Development Panel to secure 60% affordable housing on site and around a minimum of 700 new homes overall. This intervention increased the level of affordable by five times compared to the existing planning permission, which included around 400 homes of which just 14 per cent were to be affordable.